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2010 (8) TMI 439 - AT - Income TaxRevision – allowance of depreciation – erroneous order - prejudicial to revenue - Held that:- if one turns to the order of the ld. CIT, passed under section 263 of the Act, it would be clear that no finding is recorded by the revisional authority to show as to how the assessment order passed by the Assessing Officer is erroneous and prejudicial to the interest of the revenue. Merely because according to the revisional authority the approvals/registrations etc., amounts to intangible assets was not examined by the Assessing Officer and the Assessing Officer has not applied his mind with respect to the examination and verification regarding allowability of depreciation of assets claimed as intangible assets does not mean that the order passed by the Assessing Officer is erroneous and prejudicial to the interests of the revenue - while remanding the matter, the Commissioner of Income-tax ought not to have given a specific direction to complete the assessment in a particular manner. - Order passed by CIT u/s 263 quashed.
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